| Product
Features |
| Types of Accounts |
|
| Currency |
| 1. |
Canadian Dollar |
| 2. |
US Dollar |
|
| Minimum Deposit |
No Minimum Deposit |
| Transaction Fees |
No Monthly Fees |
| Deposit Method |
| 1. |
Initial deposit must be a Pre-printed
personal cheque and physically sent to ICICI Bank (no
NDDS facility permitted) |
| 2. |
Subsequent deposits can be made with cheques or transfers
from linked external chequing account(s) |
|
| Interest Payment |
Computed daily and paid monthly |
| Linking an external Chequing Account |
Yes. Linked to the external Chequing Account from which
the initial deposit was made. An additional 2 external Chequing
Accounts can be linked. |
| Statements to Customers |
| Physical statements sent once a month
to the customer |
|
| Insurance |
CDIC Coverage Eligible |
| RSP Eligible |
Yes |
| Investment by a minor |
A minor, (person under the age of 18 years) is not eligible
to open a savings account with ICICI Bank. A joint account
with a minor is also not a valid application. |
| Issuance of tax receipts (T5) |
If any customer earns interest over $50, a T5 will be issued |
| Upon death of Investor before maturity of deposit |
| 1. |
In case of joint accounts, the Bank would act upon the instructions from the survivor |
| 2. |
In case of single accounts, the Bank would require the following documents from the legal heir:
| i. |
Copy of the death certificate |
| ii. |
Probated will |
| iii. |
Letter of Direction |
| Upon receipt of documents satisfactory to the Bank, the proceeds will be sent to the lawyer, payable in favor of the estate. |
|
|
| Additional Features |
| 1. |
In Trust For (ITF) accounts - By parents or guardians in trust for a minor |
| 2. |
Nominee Account available |
| 3. |
Estate Account - For an estate of a deceased person |
|
